SINGAPORE: Here's some good news for those who can't wait to take a spin on the Singapore Flyer at Marina Bay.

The giant observation wheel, which measures 165 metres high, is expected to be opened months ahead of schedule on 7th February 2008.

On Wednesday the spindle - the pivot of the wheel - was put into position, a process which took some 12 hours.

Weighing 180 tonnes, it took 30 days to ship the spindle from Japan to Singapore.

At 25 metres long, the spindle is believed to be the largest equipment to be delivered on the road, requiring a trailer with 120 wheels.

Phil Maddox, General Manager for Technical Services for the Singapore Flyer project, said: "From an operation and mechanical point of view, it's the heart of the wheel concept. It's also the heart of the construction process....this is the major part, after which we start constructing the actual wheel and attaching the capsules at a later date."

Once the construction is over, there will be training for 150 staff who will take care of security, operations and maintenance of the venue.

Some 82,000 square feet of retail and dining space have been set aside at the venue.

The developer says it has already received numerous enquiries about the rental of retail and F&B space there.

It expects a healthy take-up during the retail launch over the next two months.

Patsy Ong, Exclusive Sales, Marketing and Distribution Agent, said: "We are looking at pricing it below market rate, because at the end of the day, the tenants themselves have to do well. We want them to do well, so that the turnover of tenants will be low and we are looking at them as being our partners."

Peter Purcell, Managing Director for the Singapore Flyer project, said: "What we are saying to them is, we are not looking to maximize rental value because the rent from the retail centre is not a major component here. What we are saying is, we want something fresh, alive, different."

In the weeks ahead, the developer will start promoting the Singapore Flyer to tour operators and tourists, especially those from China.

The S$240 million Singapore Flyer is expected to open during the Chinese New Year period in 2008, coinciding with celebrations at Marina Bay.

It is part of the government's plan to revamp the area which will include the integrated resort, a new bridge, gardens and financial centre.

All these will be ready in the next few years. - CNA/ir